Start with the four goals you need to start working on today.
by August Aquila
Aquila Global Advisors
True succession planning is a really a lifelong process.
Its primary purpose is to ensure the continuity of the practice from one generation of leaders to another. Ultimately it’s the founder admitting and accepting that he or she won’t live forever. That’s a very difficult and emotional fact to come to accept, especially after spending a lifetime building and running a practice.
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In this article, we’ll address four stages, each with a checklist:
- For the managing partner who is thinking about succession, there are four primary goals that he or she should be working on during the next few years.
- The next area to address is whether the current managing partner plans to remain with the firm.
- Once you get some answers to these questions, then it’s time to start focusing on the successor and his/her goals for the future of the firm.
- While there are many other areas that need to be covered, let me just end by mentioning a 10-step process that you may want to consider.